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Scotsman Guide: A Good Resource for Bogus Lenders?


The Scotsman Guide has always been a good resource for lending sources. However, this is a publication in which lenders pay money to get listed as a lender. For this reason, it goes without saying that this "Guide" does not endorse any of the lenders on its lists. 
For this reason, be careful to not take the Scotsman Guide as an authority of some kind. Just because a lender is listed in the Guide, it does not make the lender immediately legitimate. Just like any other advertisement, the Scotsman's Guide is nothing more than a paid listing, an avenue for lenders to promote themselves.
Several of our clients this year mentioned that they were previously taken advantage of by a "fee collector" lender, or a bogus lender with no intention of making a loan, just to collect a fee. These clients found these bogus lenders listed in the Scotsman's Guide. 
Don't count on the Scotsman's Guide to give legitimacy to a lender. Do your own due diligence on a lender, whether you find them in the Guide or on the web. While the Scotsman's Guide is a good resource for legit lenders, it's also a good resource for fee collector, bogus lenders too. Do your homework either way.
  • August 27 2012 - US
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    1Yes

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Answers (1)

I'm unable to locate where anyone has posted asking for opinions on this publication. Because the purpose of this forum is to answer questions from the public I find your post to be thoroughly confusing. Perhaps you could assist and let us know which post you are replying to.
Usually people will express their thoughts on a corporation before publicly bashing it  by prefacing it with "in my opinion"; it's interesting that you are stating it as fact. I'm lead to believe you must have the data to substantiate it. 
  • August 27 2012
  • 0Yes

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